Generally we don't like them as a basic principle. In some cases it is working reasonably well from a shareholder point of view and that has to do with the people involved. Brian Gibson
Motivational, Inspirational, Funny Quotes
![[Keeping CEOs from making dumb decisions has won fans among Canada's biggest money managers.] In the majority of cases, you would have been better off as a shareholder if the companies had paid out extra money to you, rather than reinvested it. Most management teams are not good at capital allocation, ... Look at BCE [Inc.]. Instead of buying all those businesses they then had to write off, it would have been better just to pay out the money. - Brian Gibson Quotes](/pic/img/img.php?text=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&author=ICBCcmlhbiBHaWJzb24gICAg&num=11 "[Keeping CEOs from making dumb decisions has won fans among Canada's biggest money managers.] In the majority of cases, you would have been better off as a shareholder if the companies had paid out extra money to you, rather than reinvested it. Most management teams are not good at capital allocation, ... Look at BCE [Inc.]. Instead of buying all those businesses they then had to write off, it would have been better just to pay out the money. - Brian Gibson Quotes")
